A Receivable Is a Liability Because It Represents a Right

question 179

True/False

A receivable is a liability because it represents a right to receive cash in the future.

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Definitions:

Plan

A detailed proposal for doing or achieving something, typically involving the setting of goals, defining of steps, and allocation of resources.

Financially Rewards

Monetary or fiscal incentives provided to individuals or employees as recognition for their work or achievements.

Volunteerism

The practice of offering one's time and services to assist others or contribute to a cause without financial compensation.

Staff

Employees or workers who are part of an organization or business and contribute to its operations and success.